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How to Measure Marketing Goals
A marketing goal can also be termed a "target response."
You are expecting a specific response to a marketing strategy.
In order to measure a target response, you will need numbers
generated over a specific period of time that relate to your goal.
Generally that time period should be a week or a month or a
quarter, but it must be exactly the same amount of time every
time you check the numbers.
Quick SIMPLE example...
The keyword is "simple." Of course, it's not this simple, but
if you grasp the basics, it's easy to expand on that - generally
your marketing strategy is what you might expand on. The
measurement will stay simple, if you know how to collect
your numbers, add and divide, you're all set:
Target Response: Increase sale of product by 1 sale per week.
1. Get the number of sales for the past 8 weeks.
Calculate the average sales per week:
Add up all the sales over the 8 weeks and divide by 8.
Let's say that there are 30 sales in 8 weeks.
30/8 = 3.75 average sales per week.
2. Choose and implement your marketing strategy... we'll
say our strategy is to rewrite marketing copy on our web site.
(For the sake of being able to test whether or not your strategies
are working, it's best to choose one strategy at a time, implement
it, let it work, then measure it. However, nothing in marketing
is this easy; you may be implementing several marketing strategies
at one time. There are ideas at the end of this article
on ways to measure different strategies.)
3. After you implement your strategy, calculate the average
number of sales for the following 8 weeks. Let's say we get
35 sales per week in the 8 weeks following the implementation.
35/8 = 4.375
4. Did our strategy work as planned? Well, it could have
worked better...
5. Go back and rewrite text or implement a new strategy.
Ways to measure strategies:
1. Ezine or web site ads:
http://www.linkcounter.com
is a great, free way to see how the links in your ads are working.)
2. Search engine promotion:
http://www.webposition.com/cgi-local/index.pl?DS1=RP&DS2=CYO-555E
Web Position Gold will help you measure your unique visitors from each
search engine.
3. Other types of promotion:
Your web site logs can tell you if your visitors are sticking to
your site, by visiting several pages at a time. Your referrer logs
can tell you where your visitors are coming from.
4. Did you land a new client?
Ask where they were referred from or where they heard about you.
If you're in a service oriented business, people generally like to tell
you a little bit about themselves and where they heard about you.
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